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OPEC sights set for now on $50-60 per barrel oil: PIRA’s Ross
OPEC producers have their sights set on a sustained oil price of $50-$60 per barrel, a modest ambition for the first cut in supply by the oil exporting group in eight years, says one of the industry's top forecasters. Benchmark U.S. oil prices have risen around $4, or around nine percent, to over $48 per barrel since the Organization of the Petroleum Exporting Countries (OPEC) agreed last week... [Read more]
Fed’s Lacker says he would have dissented at September meeting
Richmond Federal Reserve President Jeffrey Lacker said he would have voted in favor of an interest rate hike at the Fed's September policy meeting had he been able to vote, reflecting the growing pressure on Fed Chair Janet Yellen to raise rates. The U.S. central bank left interest rates steady at its Sept 20-21 meeting but three of its 10 voting policymakers dissented because they wanted a quarter... [Read more]
Delta posts smaller-than-expected fall in passenger unit revenue
Delta's shares were up 3.5 percent at $40.38 in early trading on Tuesday. The company, the second-largest U.S. airline by passenger traffic, reported a 3 percent decline in consolidated passenger unit revenue. Delta said the fall in September was due to a supply-demand imbalance on transatlantic routes and headwinds from prior-year yen hedge gains. Go here to see the original: Delta posts... [Read more]
Deutsche Bank races against time to reach U.S. settlement
By Georgina Prodhan, Kathrin Jones and Lawrence Delevingne FRANKFURT (Reuters) – Deutsche Bank is throwing its energies into reaching a settlement before next month's presidential election with U.S. authorities demanding a fine of up to $14 billion for mis-selling mortgage-backed securities. The threat of such a large fine has pushed Deutsche shares to record… Go here to read the... [Read more]
Judge takes over questioning ex-AIG chief Hank Greenberg
The New York judge weighing whether ex-AIG chief Maurice “Hank” Greenberg should be liable for accounting fraud on Thursday pressed the 91-year-old executive about why AIG had created an offshore entity for losses from a failed automotive warranty program. Greenberg was on the stand for the third day for allegedly engineering the offshore entity, known as Capco, to hide $200 million in... [Read more]
Google rebrands cloud business, adds more artificial intelligence
Alphabet Inc's Google said on Thursday it renamed its business-to-business cloud computing brand and enhanced some enterprise applications using artificial intelligence, the company's latest gambit to better compete with Amazon.com and Microsoft Corp. in the lucrative cloud business. Discussing the rebranded Google Cloud, Diane Greene, senior vice president of Google's enterprise business,... [Read more]
South Korea court says it has not yet decided whether sale of Hanjin Shipping is needed
The South Korean court overseeing Hanjin Shipping's receivership process said on Wednesday that a sale of the world's seventh-largest container carrier, which collapsed late last month, is one of many options it is considering if the court concludes the company is to be rehabilitated. Judge Choi Ung-young, who serves as a court spokesman for media inquiries on the case, said a sale is possible... [Read more]
South Korea to widen Takata air bag recall by 110,000 vehicles
South Korea said on Wednesday that 13 automakers will recall some 110,000 vehicles equipped with Takata Corp's defective air bags, the latest development in a long-running safety crisis involving the Japanese company. The United States in May announced a new round of recall of Takata's air bag inflators which have been linked to at least 14 deaths and more than 100 injuries and triggered... [Read more]
OPEC set for no deal as Iran rejects Saudi oil output offer
Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find View original here: OPEC set for no deal as Iran rejects Saudi oil output offer Read More →
Canada Unifor union sets tentative strike deadline for Fiat Chrysler
By Ethan Lou TORONTO (Reuters) – Canada's Unifor union has set a tentative strike deadline of midnight Oct. 10 for talks with Fiat Chrysler Automobiles NV , the labor group said on Saturday as it prepares to vote on a related deal with General Motors Co . Unifor, which represents close to 10,000 Fiat Chrysler workers in Canada, said in a statement the strike deadline of 11:59 p.m. will... [Read more]